FORM 26AS

What is 26AS

Form 26AS is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer. It also reflects details of advance tax/self-assessment tax paid, and high-value transactions entered into by the taxpayer.

For the year 2023–2024, the Central Government has announced adjustments to the forms and returns’ formats. As part of this, some adjustments are also made to the Form 26AS which the salaried class must use when filing and processing its returns.

From AY 2023-24 onwards, 26AS available on TRACES portal will display only TDS/TCS related data. Other details would be available in the AIS (Annual Information Statement) at e-filing portal. For data priority to AY 2023-24, there would be no change in display.

Information Available on Form 26AS

• Details of Tax Deducted at Source.
• Details of Tax Deducted at Source for 15G / 15H.
• Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S.
• Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee of Virtual Digital Asset)
• Details of Tax Collected at Source.
• Details of Paid Refund (For which source is CPC TDS. For other details refer AIS at E-filing portal)
• Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset)
• TDS/TCS Defaults* (Processing of Statements)

PART-I Details of Tax deducted at source - This part shows the tax deducted by tax deductor for your PAN. The tax deductor files their TDS return on a quarterly basis post which it will reflect in form 26AS. This part contains the following details:

• Name of deductor.
• Tan of deductor.
• The sum of amount paid /credited.
• Total tax deducted.
• The Total tax deposited against the assessee’s PAN.

PART-II Details of Tax Deducted at Source for 15G/15H - Details of income where no TDS has been deducted are given here since the taxpayer has submitted Form 15G or Form 15H. You can verify the status of the TDS deduction if you have submitted Form 15G or Form 15H. If you have not submitted Form 15G or Form 15H, this section will display ‘No transactions present'.

PART-III Details of Transactions under Proviso to section 194B/First Proviso to sub-section (1) of section 194R/ Proviso to sub-section(1) of section 194S/Sub-section (2) of section 194BA - When you earned income by way of winnings from any lottery or crossword puzzle, card game and other game of any sort or get benefit or perquisite of a business or profession from clients or transfer of virtual digital asset where cash component of consideration is not sufficient to meet the TDS amount then receiver is liable to deposit TDS. This section will show details of the TDS deposited by you.

PART-IV Details of Tax Deducted at Source u/s 194IA/ 194IB / 194M/ 194S (For Seller/Landlord of Property/Payee of resident contractors and professionals/ Payee of Virtual Digital Asset) - When you have bought a property/paid rent to the tenant/paid for contractual work or professional fees, and deducted TDS on such payments, this section will show details of the TDS deducted & deposited by you.

PART-V Details of Transactions under Proviso to sub-section (1) of section 194S as per Form-26QE (For Seller of Virtual Digital Asset)

PART-VI  Details of tax collected at source - This part contains details of tax collected at source (TCS) by a seller of specified goods at the time these goods have been purchased by the assessee. It also reflects the details of the seller as below

• Name of the collector
• TAN of the collector
• Total amount paid
• The Total tax collected
• Total TCS deposited

PART-VII  Details of Paid Refund - Information regarding your refund will be presented in this section if any. The assessment year to which the refund pertains, along with the mode of payment, the amount paid and interest paid, and the date of payment, are mentioned.

PART-VIII Details of Tax Deducted at Source u/s 194IA/ 194IB /194M/194S (For Buyer/Tenant of Property /Payer of resident contractors and professionals/Payer of Virtual Digital Asset) - When you have bought a property/paid rent to the tenant/paid for contractual work or professional fees, and deducted TDS on such payments, this section will show details of the TDS deducted & deposited by you.

PART-IX  Details of Transactions/Demand Payments under Proviso to sub-section (1) of section 194S as per Form 26QE (For Buyer of Virtual Digital Asset)

PART-X TDS/TCS Defaults (Processing of Statements) - Defaults relating to the processing of statements are mentioned here. They do not include demands raised by assessing officers.

What if not finding your TAX-CREDITS in 26AS 

• Tax collected by deductor not deposited in govt account.
• TDS Return not filed by deductor.
• Statement of tax deduction not filed with TDS Return.
• Statement of tax deduction filed with wrong PAN which is not yours.

 Follow up with Deductor  

• Ensure that correct PAN has been intimated to the deductor.
• Ensure that the deductor has deposited tax deducted. Regular view of 26AS by the tax payer helps in timely follow up with the deductors.
• Taxpayer can use “View TDS/TCS credit” facility to know whether the deductor/collector has filed quarterly TDS/TCS statement provided the PAN and the count on records present.

For more details, Please watch our video